A plunge in U.S. home listings to a 12-year low is driving up prices and preventing. but without even more new construction and more homeowners willing to sell, inventory will stay tight through.
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Building permits, a proxy for future construction, also climbed to a more than one-year high. Work on multifamily units. The median estimate of 79 economists surveyed by Bloomberg called for a gain.
U.S. home sales fell more than expected in December as the supply of houses on the market dropped to a record low, pushing up prices and sidelining some potential first-time buyers.
· Bidding Wars Erupt as U.S. Supply of Homes for Sale Falls. Asking prices tend to be higher and inventory tends to be lower from March through May, while sales peak by June and inventory.
The impact of higher mortgage rates is beginning to have a noticeable effect on demand. We are now hearing more about buyers pushing back on home prices. Inventory remains low in most markets but is growing steadily, while price growth has slowed to less than 5 percent in many areas.
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Richmond’s real estate market is on fire: Low inventory in the Richmond region causing multiple offers and homes selling above asking price
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Low housing inventory, high prices make it harder to buy Condo and luxury real estate inventory still strong thanks to new developments in major metros by Britt Chester Staff Writer
The percentage of California single-family homes bought in all-cash transactions has climbed in the past decade from 10 to 25 percent-and many of those are investors from Asia. That means a quarter of California’s extremely tight housing inventory is unlikely to go to moderate-income families who need a mortgage to buy a home.